The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1887-12-24
WHITE PINE NEWS
GOLD AND SILVER.
Senator sitHvart'- speech In the Sem
ate on the Money Problem.

moving 10 take from the table MS Dill
in relation to the issuing of certificates
on gold and silver hallion deposited
in the sub-treasurcs Of the country,
made the following able speech upon
the subject. His arguments for re-
storation Of silver to lie proper place in
the monetary system of the country are
so convincing that We do not see how
they can be refuted. Nevada's new
Senator has started in well, and if he
can carry through this measure, he
will deserve and receive the grateful
thanks Of all the people of the mining
States and Territories, irrespective of
party. Following is the substance of
the Senator's speech as sent over the
wires:
"Mr. President, the bill under consideration
to provide for coin certificates 10 circulate as
money is proposition 10 place the finances
of The United States on a metallic basis. and
70 .reat both of the royal metals-geld and
silver-as money metals. and 10 allow any per-
son TO deposit ct any mint or assay office in
the United States gold or silver bullion and
receive coin certificates therefor at the rate of
81 for twenty-five and eight tenths grains of
gold and 81 for 4i2ts grains of standard silver
coming money. Small change il expensive
wasteful. and occasions immense loss of pre-
eious metal without any corresponding sdgan-
fage in return. 1t is provided in the bill for
melting the bullion received under its pro-
visions into large bars, which will render
storage inexpensive ana be an absolute safe
guard against theft.
1T II alsO believed that the United States
mas now an opportunity to acquire a large
amount of the gold aud silver as a basis for
the circulating medium. which will make its
credit irfeproaehable, both in peace and war
There IL no question more important or less
understood than money. If people would
rely more on their own observations and paw
less attention TO refined theories the question
of money would be better understood Every
one knows that when money is plenty prices
60 up and times are good, and when scarce.
prices 20 down and times are hard. 1t would
reem from universal experience that the quan.
flty of money In circulation is the principal
thing 20 regulate this. For example. if money
IN the United States We're doubled the price
of property would be enhanced in similar
proportion. If one-half the money were de-
stroyed the price Of property would depreciafe
about oue-half Of the increase, and the in
crease Of tile volume Of money has a sim lar
effect upon obligations OF contracts. When
green back currency in tho United States was
be paid with onehalf the amount OF property
that was required 70 ltquidate il before The
imitation OF currency since the war has doubled
the obligations OF contracts made during he
period Of imitation. Il may be wei u state
here what is meant By the decentralization Of
gold or silver The metals have been re.
earded money metals for more thau 2910
years, AID they have had fixed values at the
MINI 81 The civilized world-fhat j. 10 say,
the nai.aus o. The world have received a given
weight of gold or given weight of silver f,r
n fixed Gmount Of coin. Both these metals
have been interchans cable for coin al The same
liked ratio between the two from time imme-
mortal. When either ofthese metals X exciud-
cd fromiLe mint IL is demOnetizet. Austria and
Germ any excluded gold from the mint in 1897
and thereby demonetiZed gold. Other nations
discussed the question of the characterization
oI gold ant PROBABLY would have followed The
example Of Germany and Austria II the eold
mines had continued "a productive az when
first discovered and no silver mines been
found, because the bondholder las fond at
tachment for that particular precious metal
which for the time being is searcer and more
difficult 10 obtain than any other. He would
make debt contracted 70 be paid in copper
payable in diamonds Of the same weight If he
could accomplish 1t, and his power III the
monetary world has always been nearly, If not
qnite. irresistible.
After the war between Germany and
France. and after the Comstock mines had
been 50 developed that the production Of sill
yer was likely for a time 10 exceed that of
gold. Germany changed her tactics and ex-
cluded silver from her mints, with the avow-
cd object of exchanging the value Of bonds
In 1873 the silver dollar was omitted from the
list OF coins Of the United States | will not
stop to discuss the history of that legislation
II anybody knew at the time that the silver
dollar was omitted from the list Of coins GER
tainly nobody knew the effect of such omis-
sion. Nearly every member of Congress of
both houses appeared to be ignorant of where.
when or how silver was demonetized The
country never understood that one halfoffhe
worlds money was TO be destroyed. Nosuck
ques ton was discussed aneng the people.
The President of the United States did not
know that he had signed bill demonetlzing
silver for nearly two years after be had sign
ed the Mint bill, and on the day he signed the
Special Resumption Act he sent special
message TO Congress wherein he advocated
the addition of one or more mints Mt Chicago
81 Louis or Omaha, for the purpose of coin
Ing enough silver meet tho requirements of
the Assumption Act The reason why il ia
not generally understood that silver was de-
monetized in the United States for several
years alter the passage of this Act was because
some or the minis OF the civilized world con-
timed to receive silver and treat it "a a mon
ey metal, but before the expi ration of the wear
le75 all the minis of Europe and tho United
states were closed against silver, and that
metal fell within the following year 10 per
cent. The question naturally arises Who il
benefited by tho war on silver The question
is easily answered. The original promoters
Of the scheme openly avowcd their purpose
1t was to enchance the vnlue of bonds Tho
hondholders of The United States have ALWAYS
operated in conjunction with the bondholders
OF Europe. The injustice Of their present de-
mand, that silver shall be dgmonetized. is
aggravated by the fact that they have been
most literally treated by the United States